Ledger Nano S

John asked 4 months ago

Hello,

I am new to cryptocurrencies so I am sorry if I come across and uneducated. The Ledger Nano S is is an offline wallet and I understand for security reasons you want and offline wallet. If you deal in various currencies at same time ie Stellar, Ripple do you need two devices or one? If one device how many currencies are you able to have on it? Also, what exchange do you recommend as the best for starting out..say $1K investment?

Thanks for your help

1 Answers
Steven Hay answered 4 months ago

Hi John,
 
Not at all, crypto education is what we’re here for. I wouldn’t classify the Ledger Nano S as an offline wallet precisely – it’s just a wallet which can be used safely in an online environment (the private key never leaves the device, so can’t be transmitted to any other device, including your own device).
 
Well, to use two cryptos absolutely simultaneously, then I do think you’d need two Nanos, yes. This is because you must swap between wallet apps in your browser to access the different altcoins the Nano can contain. If you’re using these coins sequentially, you’ll only need one.
 
I believe the Nano can hold 13 specific cryptos at this time. Note that only those cryptos are supported, you can’t just install any of the 1300+ altcoins onto the device. See Ledger’s site for a list of those coins it supports.
 
As for exchanges, it depends on where you are and your intended payment method. I had an article on buying Bitcoin with cash published recently on this site, that might be an interesting alternative to exchanges… I also suggest you view our guide to exchanges:
 

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